BUSINESS The HIGHEST Money Market Rate Among Major Financial Institutions in the Detroit Metropolitan Area for 275 Consecutive Weeks Israel Beginning To Push Free 'Dade Opportunities KIMBERLY LIFTON INSTANT LIQUIDITY INTEREST RATES AS OF: 6-28-89 FINANCIAL INSTITUTIONS MONEY MARKET RATES' Franklin Savings 8.25 National Bank of Detroit 7.40 Manufacturers 7.00 Comerica 6.90 Standard Federal 6.75 Michigan National of Detroit 6.70 First of America 6.60 First Federal of Michigan 6.50 First Federal Savings Bank & Trust 6.50 *Based on 510,000 deposit. Some minimum deposit requirements may be lower. Higher rates may be available for larger deposits. 180 DAY HIGH INCOME C.D. 10.10% 10.58% Annual Percentage Rate Effective Annual Yield Monthly check may be issued or reinvested to another Franklin Savings Account Balance of 510,000 or more Limited time offer. Early withdraw! subject to penalty. CALL ABOUT OUR NO COST HOME EQUITY LOAN Franklin Bank SAVINGS Call Toll Free 1 800 527-4447 Ask About Our Other Full Service Products 2_0330 Twelve Mile Rd. • Southfield (313) 358.5170 20247 Mack Avenue • Grosse Pointe Woods tnen, Cr Road, ' (313) 881-5200 ME MBE FSLIC 470 South Woodward • Birmingham (313) 647.0000 FIGHT THE BIG "F" .. . FURNITURE FADING 3M Scotchtint will stop 99% of the sun's ultraviolet rays — the major cause of fabric fading — without mirrored or darkened windows. Installed by trained professionals, it comes with a five-year warranty. Now available in NEUTRAL. Call for a FREE home estimate. We are licensed and insured for your protection. VISA' SOLAR SALES, INC. 537-7900 Moster6ard 42 FRIDAY, JULY 7, 1989 SEYMOUR ZATE — SINCE 1969 — Staff Writer V ishay Intertechnology Inc., a publicly traded $400 million a year American manufacturer of electronic resistors, opened its Israel subsidiary in Holon in 1968 just after the Six-Day War. Today Vishay Israel — founded after Vishay sold military products to the Israeli Air Force during the French embargo on military supplies — is a success story, exporting more than $20 million a year to the United States, Europe and Japan. Vishay avails itself of Israel's free trade agreements with the United States and Europe, claiming savings of 6 percent in customs duties since the United States entered into a free trade agreement with Israel in 1985. Israel and the Euro- pean Common Market signed a similar agreement 10 years earlier. Now the Israeli government is touting Vishay as an exam- ple of an American company that is helping reduce the U.S. trade deficit by investing in Israel. In his last months as Israel's economic minister to North America, Gabriel Levy is traveling the United States, contacting economic officials to muster business for the sagging Israeli economy. He spoke about free trade during a recent visit to Detroit. "The U.S. trade imbalance provides a powerful incentive for American industry to step up its export activities," Levy said. "Israel serves as a verifiable bridge to European markets for American manufacturers because of our unique advantage as a nation with free trade agreements with both the U.S. and the European Economic Com- munity." Levy said the link will im- prove in 1992, when barriers among the European Com- mon Market countries are scheduled to be eliminated. In 1992, he said, American goods can enter Israel duty- free and be re-exported to the European Common Market if Israeli plants take part in the assembling process of the product. lb be re-exported to Europe, it would be mandatory that final manufacturing take place in Israel, said Howard Seligmann, an investment consultant for the Israel government. He said Israeli additions would need to in- crease product value by 35 percent. To participate, Levy said, American companies could open subsidiary manufactur- ing facilities or start joint ventures with Israeli companies. "As members of the Euro- pean Economic Community race ahead to make Western Europe a single, all-powerful economic entity by 1992, Israel's open gateway to free trade offers a two-way benefit," Levy said. "The American economy gains from tax-free access to the European marketplace and Israel gains from work done on American goods in Israel, stimulating industrial expan- sion." To date, Israel has signed reciprocal trade agreements with 13 states, including Michigan. Levy said goals of the agreements are im- plementing trade, investment and manufacturing oppor- tunities to mutually strengthen the economies. Five Israeli companies operate offices in metropolitan Detroit. Gelman Sciences of Ann Ar- bor is the only Michigan com- pany with a wholly-owned subsidiary in Israel. U.S. Department of Com- merce statistics show that two-way trade has jumped from $103 million in 1950 to $6.3 billion in 1988, making Israel the United State's 21st largest trading partner. In fact, U.S. exports to Israel reached $3.2 billion in 1988, and Israel's exports to the United States rose to $3.1 billion. ❑ "mmil IN BRIEF I DOUG SCHUBOT was recently elected president of the American-Israel Chamber of Commerce of Michigan. Also elected to the board was Jim Safran, chair- man; Joel Jacob, Alan Gilman and Larry Meyer, vice presidents; Jonathan Brateman, secretary; Scott Eisenberg, treasurer. THE SOUTHFIELD CHAMBER OF COM- MERCE will host its first an- nual trade show — Expo '89 — at the Southfield Civic Center pavilion on Sept. 12 and 13. The trade show will showcase products and services. SHERRI HASSEL has join- ed Sinai Hospital as director of public relations. Previous- ly, Hassel worked as an ac- count executive with An- thony M. Franco, Inc., public relations. I FOCUS Egypt-Israel Relations Are Deteriorating Egypt is moving closer to Iraq and Libya, and reportedly developing chemical weapons — signs that worry Israel. GIORA SHAMIS AND LOUIS RAPOPORT erusalem — At a mo- ment when the 10-year peace with Egypt is be- ing touted as the basis for a future agreement with the Palestinians, Egyptian-Israeli relations are under serious strain. . Israel can't afford to lose Egypt; the Egyptians know it, and are treating Jerusalem accordingly. The Egyptians are telling Israeli leaders to circumscribe the American monopoly on Middle East peace talks and j to talk directly to the Palestine Liberation Organization through Cairo. If Israel would agree, Egyp- tian President Hosni Mubarak would finally con- sent to a summit with Prime Minister Yitzhak Shamir. The next step after the sum- mit would be to include the Americans, as Sadat and Begin did 12 years ago. But Shamir doesn't want to take any political step without the Americans. He won't talk to the PLO, as Egypt demands. And he is in- creasingly wary of Cairo because behind all of the